This report aims to provide a comprehensive update of all bsdETH related activities over the last quarter, including both on-chain and off-chain data. The purpose of this report is to inform and educate the wider Reserve community on the activities of bsdETH over the last quarter while also being the first in a series of reports which will become a reference library for all governance, social media and on-chain data.
bsdETH Core Metrics
Price: $3,366
Price relative to ETH: 1 bsdETH = 1.02ETH
Market Cap at the end of Q3: $11.6m (4565 ETH)
Current Market Cap: $27.8m (8625 ETH)
Staked RSR: $770k (577.28M)
Total TVL (MC+Staked RSR): $28.5m
Backing: 3%
RSR Staking yield: 10.5%
Diversification Ratio: 50%
On-Chain Metrics
Holders: 8,265
Total Transfers: 159,809
Transfers (90d): 54,957
DeFi Integrations
Total bsdETH supplied: $23.4 (7100 ETH)
Morpho
Total bsdETH Supplied: $17.3m (5240 ETH)
bsdETH/WETH
Total supply: $15.51m
Total Borrow: $14.9m
Available: $608k
Liquiditations: $0
Vaults
Gauntlet WETH Core supply: $9.91m (3000ETH)
Re7 WETH supply: $5.59 (1694 ETH)
bsdETH/eUSD
Total supply: $1.78m
Total Borrow: $933k
Available: $1.06m
Liquiditations - 0
Vaults
Morpho eUSD supply: $1.78m (539 ETH)
Uniswap
Total bsdETH Supplied:$1m (326 ETH)
bsdETH/ETH
Total TVL: $2.2m
bsdETH: $1m (326 ETH)
ETH: $1.2m (349 ETH)
Aerodrome
Total bsdETH Supplied: $5m (1534 ETH)
CL1-WETH/bsdETH (Concentrated Stable)
Total TVL: $4.3m
bsdETH: 978.22
ETH: 318.55
vAMM-WETH/bsdETH (Basic volatile)
Total TVL: $3.4m
bsdETH: 509
ETH: 518
vAMM-RSR/bsdETH (Basic volatile)
Total TVL: $257k
bsdETH: 38.33
RSR: 9.68m
CL200-RSR/bsdETH
Total TVL: $36k
bsdETH: 9.2
RSR: 400k
Governance
Proposal 1 - Collateral Basket Change Proposal: Adding Wrapped Super OETH (wsuperOETHb) to the Based ETH Collateral Basket
Total Voters: 5 (5 For / 0 Against)
Comments: 0
IP
Total Voters: 2
Total RSR Voted: 69m RSR (100% For)
RFC poll sentiment has been positive for this RFC and will be brought on-chain for voting once development for the wsuperOETHb plug-in has been completed.
Social Media
This section looks at the data surrounding the bsdETH X account only
Posts: 34 (-45%)
Impressions: 1.9k (-86%)
Profile Clicks: 19 (-70%)
Followers: 107 (-41.5%)
Conclusion
Quarter 4 has been very positive in terms of on-chain metrics seeing a 137% gain in TVL in dollar terms and close to a 100% gain in ETH terms. Just like with ETH+ DeFi activity has been concentrated on Morpho with 74% of bsdETH supplied to DeFi strategies being supplied there.
Only one proposal has been posted on the forums this quarter, this is a proposal to add wsuperOETHb to the bsdETH collateral basket. While the proposal has had overwhelming support we are waiting for the plug-in to be completed before we move this on-chain for voting. We’re hopeful that in the upcoming quarter we will see the completion of the divETH and wsuperOETHb proposals and inclusion in the bsdETH basket, increasing the diversification ratio and increasing basket yield.
With regards to bsdETHs social media presence we have seen lacklustre performance across the board likely coming from the reduced posting cadence from the bsdETH account while this has led to a drop in impressions and profile clicks engagement rate has remained high.
In summary this has been a good quarter for bsdETH in terms of on-chain metrics seeing huge increases in TVL both in USD and ETH terms. Governance has been sparse but can be attributed to the protocols shift in focus over the last few months, once focus is split evenly between the two protocols (index and yield) we should see some more collateral basket updates. More work must be done in regards to bsdETHs social media presence going into the next quarter, increasing the frequency of posts whilst maintaining the engagement rate is the main priority.
It’s been a great quarter but couldn’t have been achieved without the help of the community. Please consider this an open invitation to continuing to contribute to bsdETH strategy in the upcoming quarter. Please leave a comment on this post if you have any suggestions or would like to take a more active role in supporting bsdETH. (TG: Ham_PERQ / Discord: Ham6869)